Blockchain company Ripple Labs is spearheading an initiative to raise at least $1 billion to create an XRP (CRYPTO: XRP)-focused cryptocurrency treasury, according to a report published on Thursday.
A Dedicated XRP Treasury Company In The Offing?
The funds will be raised through a special purpose acquisition company, Bloomberg reported, citing sources familiar with the matter.
The raised funds will be shifted to a newly established digital-asset treasury. Ripple Labs will also contribute some of its own XRP to the treasury, the report said.
Ripple didn’t immediately return Benzinga‘s request for comment.
See Also: Ripple (XRP) Price Prediction: 2025, 2026, 2030
The Race For XRP Treasuries Is Heating Up
This is not the first time corporations have considered hoarding the $134 billion asset for their reserves.
In June, Singapore-based Trident Digital Tech Holdings Ltd. (NASDAQ:TDTH) announced plans to invest up to $500 million for an XRP treasury.
Similarly, Nature’s Miracle Holding Inc. (OTCQB:NMHI), a publicly listed vertical farming technology firm, announced plans in July to invest up to $20 million for an XRP treasury program.
This fundraising report coincides with the company’s $1 billion acquisition of GTreasury, a Chicago-based fintech firm specializing in providing treasury management solutions.
XRP Investors Await ETF Approvals
Meanwhile, XRP is at the center of one of the largest institutional bets in cryptocurrency history, with as many as 13 exchange-traded filings awaiting SEC review.
WisdomTree, Grayscale, and Franklin Templeton, with combined assets under management exceeding $1.6 trillion, are leading the list.
Price Action: At the time of writing, XRP was exchanging hands at $2.24, down 7.07% in the last 24 hours, according to data from Benzinga Pro.
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